Business Context and Reporting Period
This Form 8-K was filed by Data Storage Corporation on November 5, 2019. The report details corporate governance changes, specifically the expansion of the Board of Directors and the appointment of two new directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel appointments and does not contain financial performance data.
Material Changes
- Board Expansion: The size of the Board of Directors was increased from eight to ten members.
- New Appointments: Matthew Grover and Todd Correll were appointed as directors on November 5, 2019.
- Independence: No material relationships or family ties exist between the new directors and existing management or other directors.
Management Commentary and Background
Management highlighted the specific expertise the new directors bring to the company:
- Matthew Grover: Currently Executive Vice President of Business Services at Altice USA. He brings 19 years of experience at Altice, including roles in commercial sales, product, and marketing. He holds an MBA from the University of Southern California.
- Todd Correll: A financial and operations executive consultant with experience scaling SACo to $50 million in annual revenue. He previously founded and served as CEO of Broadsmart Florida, Inc., which was acquired by Magic Jack in 2016. He holds a degree from Syracuse University.
The filing states there are no unusual items, risks, or contingencies associated with these appointments.
Investor Verification Checklist
- Verify the official composition of the Board of Directors on the company's investor relations website.
- Confirm the absence of any undisclosed related-party transactions involving the new directors.
- Review subsequent filings for any changes in executive compensation or board committee assignments resulting from these appointments.